DFSA warns of false investment bank named after an individual

The Dubai Financial Services Authority (DFSA) has alerted the financial services community and the public about a fraudulent scheme using false documents concerning the DIFC.

The scammers fraudulently misuse the name of an individual based in Malaysia and claim to represent a false investment bank named after the individual (the Bank).

According to the DFSA, the scammers claim that the Bank is licensed by the Dubai International Financial Centre (DIFC) and ‘Dubai Investment Authority’.

Claiming that the Bank operates from London, the scammers offer to provide investment management services to investors and also provide investors with false documents in the form of an ‘Agreement’, which refers to the DIFC and the ‘Dubai Investment Authority’.

The DFSA informed public and financial services community that the Bank is not licensed by the DIFC or the DFSA and the Dubai Investment Authority does not exist in the DIFC, Dubai or the UAE.

The governing body warned that the scammers have fraudulently used the name of the Bank and DIFC without authority and for a malicious purpose.

It advised that the public should not respond to any communication regarding this scam, and under no circumstances should send any money to the perpetrators of the scam.